张建国家族钟情分红，九丰能源转型之路漫漫

Core Viewpoint - Jiufeng Energy reported a decline in revenue for both the 2024 annual report and the 2025 Q1 report, while net profit increased, attributed to its pricing power and cost management [3][4]. Financial Performance - In 2024, Jiufeng Energy achieved a revenue of 22.047 billion yuan, a year-on-year decrease of 17.01%, while net profit rose to 1.684 billion yuan, an increase of 28.93% [4]. - For Q1 2025, revenue decreased by 13.41% year-on-year, but net profit increased by 5.4% [5]. - The company maintained a stable cash flow, with a net cash flow from operating activities of 2.047 billion yuan in 2024, comparable to 2.158 billion yuan in 2023 [5]. Business Model and Strategy - Jiufeng Energy's business model is primarily based on the purchase and sale of liquefied natural gas (LNG) and liquefied petroleum gas (LPG), functioning similarly to a distributor [4][6]. - The company aims to transition from a resource-dependent model to an energy service model, but remains heavily reliant on its core clean energy business, which accounted for nearly 85% of total revenue in 2024 [6][8]. - The energy service and specialty gas segments contributed minimally to revenue, with energy services generating 2.153 billion yuan (less than 10% of total revenue) and specialty gases 235 million yuan (about 1%) [6][8]. Dividend Policy - Jiufeng Energy has a robust dividend policy, planning a total cash dividend of approximately 780 million yuan for 2024, including a fixed dividend of 750 million yuan and a special dividend of 30 million yuan [9][10]. - The company has outlined a cash dividend plan for 2024-2026, with fixed dividends increasing from 750 million yuan in 2024 to 1 billion yuan in 2026 [10]. Shareholder Structure - The controlling Zhang family holds over 50% of Jiufeng Energy's shares, with significant portions of dividends benefiting this family [11]. - The largest shareholder, Jiufeng Investment, holds 30.90%, while the second-largest shareholder, Zhang Jianguo, holds 11.19% [11].